Clarification

[Kyle Forbes]

So say I get a duplex for $60,000. I know I need to put $15,000 into it for repairs, but the ARV is $100,000.

3 questions:

Would I be able to get a loan from the bank for $75,000?

When I refinance after 6 months to pull my money out would I be able to switch to a conventional loan, whether or not I got one in the first place?

When I refinance would I get the full $100,000 back?

[Kusmayadi Djunaidi]

Hi Kyle Forbes,

For the first questions. The answer will be no, the bank will not give you a loan for a full amount and the repair costs. They will need you to put down payment on the property and comes up with the repair cost yourself.

Second question, If you don't got the first one then you can refinance the property in conventional loan (depends on other factors also of course).

Third question, I don't think there's any bank that can give 100% LTV. The best they can give you is 80% LTV.

Hope that can help